Helen Piano Foreign Equity transfer suspense: 1 Hong Kong dollar company thrashed 190 million

The words "the fertilizer does not flow outsiders field", and "the fertilizer flows back to own field" The strange elephant appears in the imminent listing Helen Piano Company Limited (hereinafter, "Helen Piano").　　August 23, 2010, the China Securities Regulatory Commission website announced that the SFC issued a review committee in 2010 to convene the 141th issue of the Audit board meeting, will review the Helen piano application.　　On the eve of the listing, Helen piano had a rather mysterious share transfer: Helen piano before the foreign shareholder Axl (hereinafter referred to as "the United States Axl") strange to give up after the listing of huge wealth, but its original 350,000 dollars to the original price of the capital transfer to the Four Seasons Hong Kong Investment Limited (hereinafter referred to as "Four Seasons Hong Kong").　　The Four Seasons Hong Kong actual Control person is Helen Piano 2001 when the Chinese sponsor Chen Hailen family, and the Four Seasons Hong Kong issued only HK $1.　　So the transfer is the benefit of both sides, or the United States Axl for the Chen Hailen family "vest"?　　Foreign equity transfer Helen piano formerly Ningbo Helen musical Instrument Products Co., Ltd. (hereinafter referred to as "Helen Limited"), established on June 15, 2001, registered capital of 1.4 million U.S. dollars.　　Helen Limited was founded in the First Sino-foreign joint ventures, of which natural persons Chen Hailen and Chen Zhaofeng respectively contributed 560,000 U.S. dollars and 490,000 U.S. dollars, accounting for 40% and 35% of the contribution ratio, and the U.S. Axl capital of foreign investors 350,000 U.S. dollars, accounting for 25% of the contribution ratio.　　Data show that the United States Axl was founded in 1998, is registered in the United States, California instrument Products company, mainly engaged in piano, guitar and other musical instruments design, production and marketing, its shareholders are 3 natural persons Liu Airen (ALAN x.liu), KATE C.liu and Steve J.patrino.　　For the next 7 years, Helen's limited equity was calm.　　In May 2008, Chen Hailen held 40% of Helen's limited equity transfer to the Chen Hailen family-controlled Ningbo Beilun Helen Investment Co., Ltd., the price of 560,000 U.S. dollars and Chen Zhaofeng will hold 35% Helen Limited equity transfer to the Ningpo Yong Investment Co., Ltd. 4 companies, according to the original price of 12.96 times times.　　It is not surprising that Chen Zhaofeng is 12.96 times times more expensive than outsiders.　　But, oddly, at the same time, the United States Axl its 7-Year-old limited share of Helen to the Hong Kong companies Four seasons, the price is 350,000 U.S. dollars. The US dollar was 8.27 against the renminbi when the U.S. Axl $350,000 in 2001, and the dollar fell to 7.09 against the renminbi by May 2008, the correspondent asked.　　It can be seen that foreign-owned U.S. Axl cost recovery of 350,000 U.S. dollars has also been "discount."　　The bigger loss lies in the fact that the United States Axl the "fat" in the A-share capital market on the eve of the Helen limited listing.　October 2008, Helen Limited then the overall restructuring into a joint-stock company, and then entered the listing countdown.　If the United States Axl not transfer its stake, according to its possession of the Helen piano before the listing of 50.22 million shares of the total stock of 25% equity calculation. Helen Piano This issue does not exceed 17 million shares, with 2009 years of diluted earnings per share of 0.381 yuan, if there are 40 times times the issue of P/E, after listing, the United States Axl sitting on the book assets or over 190 million yuan.　　[Page] fertilizer back to their own fields and particularly strange is that the United States Axl transfer of the transferee of the Four Seasons Hong Kong, its establishment in November 2007, the actual control of the Chen Hailen family, and the issue of equity only HK $1.　　That is, the Chen Hailen family only 1 Hong Kong dollars of companies to take the United States Axl listing may have 190 million yuan wealth. According to the prospectus, the Chen Hailen family originally "introduced the United States Axl mainly for Helen Limited to establish a Sino-foreign joint venture." A brokerage researcher told reporters that the move may have been for "a Sino-foreign joint venture to enjoy tax concessions."　　"Enjoy the Sino-foreign joint venture tax treatment is understandable, but let reporters baffled by the solution is, as a foreign capital of the United States Axl why the original price transfer to the Chen Hailen family?" The prospectus explains the transfer of shares in the U.S. Axl original Price, "mainly in Helen's limited establishment before the United States Axl and the Chen Hailen family have had many years of business cooperation, Helen Limited when the establishment, for the introduction of foreign shareholders." "" "The Foreign Party of Helen piano Axl The original price transfer share price to the Chinese investor, this kind of behavior is suspected to have the benefit conveyance, or Axl is the Chinese investor's ' vest '.　　"The above brokerage people to the reporter evaluation." and the sponsor Everbright Securities industry that "the issuer set up when the United States Axl Limited contribution to Helen is true, and its contribution to the United States Axl own funds, the capital also does not exist in the United States Axl Chen Hailen family on behalf of the situation, The United States Axl funding is mainly based on assisting the Chen Hailen family to set up a Sino-foreign joint venture to consolidate business cooperation. "Foreign side of the United States Axl really" live Lei Feng ", or Chen Hailen family own capital of" hand in hand "? This newspaper will continue to pay attention to this.